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ORDINANCE NO. 94-135
<br />BY: Councilman Lind
<br />AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
<br />SALE OF $500,000 NOTES, IN ANTICIPATION OF THE
<br />ISSUANCE OF BONDS, FOR THE PURPOSE OF IMPROVING
<br />THE CITY'S STORM WATER DRAINAGE SYSTEM BY
<br />REHABILITATING AND IMPROVING AN EXISTING STORM
<br />WATER CULVERT LOCATED UNDER SOUTH BARYON
<br />ROAD APPROXIMATELY 1,700 FEET SOUTH OF LORAIN
<br />ROAD, RELATED UNDERGROUND STORM WATER
<br />RETENTION BASINS AND RELATED OPEN STORM WATER
<br />DRAINAGE DITCHES AND ACQUIRING INTERESTS IN
<br />REAL ESTATE THEREFOR, TOGETHER WITH THE
<br />NECESSARY APPURTENANCES AND WORK INCIDENTAL
<br />THERETO, AND DECLARING AN EMERGENCY.
<br />WHEREAS, pursuant to Ordinance No. 93-58, passed on May 18, 1993, notes in
<br />anticipation of bonds in the amount of $500,000 were issued for the purpose described in Section
<br />1, as a part of a consolidated issue of $3,450,000 Various Purpose Notes, Series 1993B, dated
<br />June 24, 1993, which notes were retired at maturity with the proceeds of $500,000 notes (the
<br />1994 Notes) issued in anticipation of bonds pursuant to Ordinance No. 94-50, passed on March
<br />1, 1994, as a part of a consolidated issue of $3,600,000 Various Purpose Notes, Series 1994B,
<br />dated March 23, 1994, which 1994 Notes are to mature on December 15, 1994; and
<br />WHEREAS, this Council finds and determines that the City should retire the 1994
<br />Notes with the proceeds of the Notes described in Section 3; and
<br />WHEREAS, the Director of Finance as fiscal officer of this City has certified to this
<br />Council that the estimated life or period of usefulness of each class of improvements described
<br />in Section 1 is at least five years, the estimated maximum maturity of the Bonds described in
<br />Section 1 is thirty years, and the maximum maturity of the Notes described in Section 3, to be
<br />issued in anticipation of the Bonds, is June 24, 2013;
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North
<br />Olmsted, Cuyahoga County, Ohio, that:
<br />Section 1. It is necessary to issue bonds of this City in the aggregate principal
<br />amount of $500,000 (the Bonds) for the purpose of improving the City's storm water drainage
<br />system by rehabilitating and improving an existing storm water culvert located under South
<br />Barton Road approximately 1,700 feet south of Lorain Road, related underground storm water
<br />retention basins and related open storm water drainage ditches and acquiring interests in real
<br />estate therefor, together with the necessary appurtenances and work incidental thereto.
<br />Section 2. The Bonds shall be dated approximately July 1, 1995, shall bear interest
<br />at the now estimated rate of 6-1/2% per year, payable semiannually until the principal amount
<br />is paid, and are estimated to mature in twenty annual principal installments that are substantially
<br />equal. The first principal installment is estunated to be payable on December 1, 1996.
<br />Section 3. It is necessary to issue and this Council determines that notes in the
<br />aggregate principal amount of $500,000 (the Notes) shall be issued in anticipation of the issuance
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